Latest economic news, trends, and insights from around the world, impacting businesses and consumers.
The Nigerian naira faced depreciation thrice against the US dollar. Data from FMDQ revealed that on Friday, the naira slumped to N1,169.99 per dollar, marking a significant decline from Thursday’s rate of N1,154.08, translating to a loss of N15.91. This downward trend commenced on Tuesday, marking the first depreciation in months following a period of…
The Minister of State for Petroleum Resources, Senator Heineken Lokobri, underscored the critical importance of safeguarding the nation’s oil assets and investments during a meeting with the Chief of Defence Staff, General Christopher Musa, in Abuja. Senator Lokobri commended the military’s professionalism and reiterated the necessity of their support in providing adequate security for the…
By Margret Oshinowo The Nigerian Electricity Regulatory Commission, NERC, says the federal government needs to make provision for N3.2 trillion in subsidies in 2024 to reverse the recent electricity tariff hike. Sanusi Garba,The Nigeria Electricity Regulatory Commission Chairman, said this during a Thursday meeting with the House of Representatives Committee on Power in Abuja. Recall…
The minister of Agriculture and Food Security, Abubakar Kyari, has pledged the federal government’s dedication to advance agricultural mechanisation with a holistic approach to empower farmers with the necessary knowledge, skills, and tools to boost agricultural enterprises and to meet the demands of the global market. The minister who declared open the 2024 Special Agricultural…
Governor Bassey Otu, speaking at the inaugural Executive Governor’s Roundtable in Abuja themed “Building Cooperation for a Better Today and Resilient Future,” unveiled Cross River State’s ambitious goal of attaining a $9 billion economy by 2031. Emphasizing the interconnectedness of global economies due to globalization, Governor Otu underscored the state’s proactive stance in leveraging this…
By Margret Oshinowo The federal government revealed that a bold step has been taken to tackle the issue of high cost of goods and services, despite the recent appreciation of the Naira against the dollar, and it will also safeguard consumers interest. It was said that it will monitor and probe abnormal price surges, and…
Street-pop artiste, Habeeb Okikiola, popularly known as Portable, has appealed to the Economic and Financial Crimes Commission (EFCC) to forgive him for spraying money on his admirers. This followed the six-month jail sentence melted to crossdresser Idris Okuneye, also known as Bobrisky, for Naira mutilation offence. Similarly, his plea was in response to the EFCC filing…
The International Monetary Fund, IMF, says Nigeria’s inflation will drop to 23 per cent in 2025 from 33.2 per cent in March 2024. The Washington-based bank disclosed this on Tuesday during its Global Economic Outlook at the International Monetary Fund/World Bank Spring Meetings. Division Chief of the IMF Research Department, Daniel Leigh, said the impact…
By Afolabi Hannah Oil marketers are expressing their enthusiasm as Dangote Petroleum Refinery has heeded their calls for a reduction in diesel prices. The refinery announced on Tuesday that it has cut the price of Automotive Gas Oil, commonly known as diesel, from N1,200 per litre to N1,000 per litre. This announcement, made by the…
Nigeria’s Civil Aviation Authority, NCAA, has taken stringent action against three private jet operators found in breach of regulations by conducting commercial flights. Chris Najomo, the Acting Director General of NCAA, issued a stern warning to all airlines, emphasizing the immediate suspension of the permits of these operators during a recent announcement. The decision stems…
By Afolabi Hannah The Economic and Financial Crimes Commission (EFCC) is scheduled to prosecute Pascal Okechukwu, popularly known as Cubana Chiefpriest, on charges related to the alleged mishandling of the Nigerian currency. The arraignment is set for Wednesday in Lagos. This legal action follows shortly after the well-known internet personality, Idris Okuneye, better known as…
The Delta State Government said that it is now prohibited for actors to journey on its water bodies without putting on life jackets and taking note of other safety precautions. This was included in the condolence message by the State Commissioner for Culture and Tourism, Dr Nnamdi Ijeh, to the families of those who lost…
The Federal Government, as stated by National Security Adviser Nuhu Ribadu, has successfully secured the release of over 1,000 individuals who had been kidnapped, without conceding to ransom demands. This announcement came as Ribadu welcomed the return of 22 individuals associated with the Federal University of Gusau in Zamfara State, who were recently liberated. The…
The Nigerian Naira has surged to N1000 per US dollar as trading commenced on Monday in the foreign exchange market. This revelation was made by Mistila Dayyabu, a prominent Bureau De Change operator, in an exclusive disclosure to news men Dayyabu further anticipates a continued appreciation of the Naira, projecting it to dip below the…
The Economic and Financial Crimes Commission (EFCC) says several celebrities involved in Naira abuse are being investigated. According to the anti graft agency, some of them have made useful statements to the Commission and many more have been invited by investigators working on the matter. The EFCC says that there won’t be sacred cows. In…
The Economic and Financial Crimes Commission, EFFC, said it has redoubled its investigation into the culpability of bank Chief Executive Officers, CEOs, in the mismanagement of COVID-19 funds and World Bank loans. This is contained in a statement by its spokesman, Dele Oyewale, on Sunday in Abuja. The statement said that also under probe is…
By Afolabi Hannah The fare battle sparked by the reduction of airfare on the Lagos to London route by Air Peace has sparked concerns in the aviation sector over the apparent strategy of foreign airlines to drive the Nigerian carrier out of business. Mixed reactions have already surfaced in the industry over the unexpected price…
Three shipping containers of 3,000 cartons of pirated books with a conservative market value of over N300 million have been seized by the Nigerian Copyright Commission, NCC. The Director-General of the commission, Dr John Asein, revealed this in a press statement on Sunday in Abuja. He said the containers were intercepted at Onne Port, Rivers,…
The Lagos State Government on Thursday restated its decision to demolish buildings that fail its integrity test. No fewer than 14 buildings were gutted by fire in Dosunmu Market on Tuesday, resulting to the loss of goods worth millions of Naira. During his visit to the scene of the incident, the Lagos State Governor, Jide…
The Comrade Julius Abure-led National Working Committee (NWC) of the Labour Party(LP) has dismissed the Joe Ajaero -led Nigeria Labour Congress (NLC), as a bad student of history following what the party said was a futile attempt by the labour union to takeover LP. National Publicity Secretary of the party , Obiora Ifoh, said this…
The Accord Party on Wednesday called on the Federal Government to intensify efforts at stabilising prices of commodities in the country, saying the appreciation of the naira against the US dollar is not reflected in the prices of commodities. The Lagos State Chairman of the Party, Mr Dele Oladeji, made the call in an interview…
Emirates, UAE, has concluded plans to resume flights with Nigeria. This followed numerous visits from President Bola Tinubu to UAE over the communication breakdown between both countries. Featuring on Arise Television on Monday, the Minister of Aviation and Aerospace Development, Festus Keyamo, said the Emirates Airline had already indicated its readiness in a letter sent…
In a bid to attract patronage to their facilities four major Nigerian ports have been enmeshed in a stiff contest over handling of ‘Very Large Ships, VLS’. The four ports are the newly commissioned Lekki port, Apapa port, Tin-can Island port, all in Lagos and Onne port in Port Harcourt. The bigger the size of…
Germany will partially legalise cannabis from Monday, implementing a flagship pledge of Chancellor Olaf Scholz’s coalition government. However, access to the drug will not be straightforward. Here is a run-down of the new rules: – April fool? – From April 1, it will be legal to carry up to 25 grams of dried cannabis for…
The Minister of Works, Dave Umahi, has said rehabilitating the Third Mainland and Carter bridges in Lagos will cost N21 billion and 25 billion, respectively. Umahi disclosed this during a Friday tour of key infrastructure projects in Lagos with the National Assembly Joint Committee on Works. The Minister said there is a need to declare…
The national currency, naira, showcased further resilience against the US dollar, settling at an impressive N1,300.43 per dollar in the official foreign exchange market on Wednesday. Data from FMDQ revealed a notable surge, with the naira climbing to N1,300.43 per USD, marking a substantial gain of N82.52 compared to the preceding day’s rate of N1,382.95….
The Air Component of Operation Delta Safe launched a decisive blow against illicit oil refining operations, obliterating clandestine sites and confiscating stolen crude oil products detected from March 25th to 26th in various locations including Bille, Dariama, Elem Bekinkiri, Temakiri, Opumakiri, and Degema areas of Rivers State. A barge laden with illicitly refined products was…
Vice President Kashim Shettima has assured that the naira will continue to stabilise in the coming weeks and months. Shettima gave the assurance at the inauguration of the National Design and Innovation Competition, held at the Presidential Villa, Abuja, on Wednesday. The event was organised by the Interior Designers Association of Nigeria (IDAN) to spur…
The Tertiary Education Trust Fund, TETFund, said yesterday it has so far spent over N23 billion to fund 912 research projects across the country. TETFund’s Assistant Director, Research and Development, R&D, Dr. Hadiza Ismail, disclosed this at a validation workshop on “Strengthening Research and Innovation Funding Agencies in West Africa,” in Abuja yesterday. Ismail, who…
Mohammed Idris, Minister of Information and National Orientation, declared that Nadeem Anjarwalla, a Director at Binance, will face the full force of the law despite his escape from Nigerian custody. Anjarwalla, accused in an ongoing investigation into Binance’s activities, managed to flee the country, prompting a pursuit by Interpol, as confirmed by Idris. The Office…
Following the clearing of all valid foreign exchange backlogs by the Central Bank of Nigeria (CBN) on Wednesday, and increased inflow at the Nigeria Autonomous Foreign Exchange Market (NAFEM), the value of the naira gained significantly on Thursday with the value rising from N1,536.83 which it closed on Wednesday to N1,382.85 to the dollar. This…
